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BIM Market has been estimated to garner a revenue of $3.6 billion in 2016 and is projected to reach $18.8 billion by 2024

BIM Market has been estimated to garner a revenue of $3.6 billion in 2016 and is projected to reach $18.8 billion by 2024, growing at a CAGR of 22.9% from 2016 to 2024.In 2016, BIM Software segment generated the highest revenue share of $ 2.7 billion growing at a CAGR of 23.4%.

Building information modeling (BIM) refers to a digital representation of a facility which displays its physical and functional characteristics. BIM helps in virtually understanding the physical structure that has to be constructed thereby assisting in planning, designing, and construction. The process is primarily used by business entities involved in construction and independent engineers, and architects.

BIM has emerged as an effective tool for designing, planning, and management of construction project as the traditional solutions for technical drawings are not as efficient in planning and management of construction projects. Optimum utilization of materials increased return on investment, efficient and accurate cost estimation, and growing demand for automated models are some of the major factors driving the market for BIM software. BIM is not only a software but also a workflow that helps to maintain coordination among the involved entities such as architects, engineers, and builders of construction projects. In addition, it provides real-time updates at every stage of the project to each entity.

This software finds major application for digital prototyping analysis and simulation, which leads to significant reduction in project life cycle duration. Governments in various countries have mandated the implementation of BIM solution during the construction and operations phase of a project. Moreover, the demand for green buildings is increasing owing to rising energy scarcity. These factors would help in market growth during the forecast period. However, the issues such as high cost of BIM software and long training periods hampering the productivity would limit the market growth to some extent.

Global BIM market is segmented based on solutions, deployment model, end user, application area, and geography. Based on a solution, the market is segmented into software and services. Software solution segment dominates the market owing to a preference for cost-effective processes and benefits of BIM software during different phases of the construction project. Among end user, the market is segmented into architectures, contractors, and others. Based on application areas, the market is segmented into commercial, residential, institutional, infrastructure and industrial. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.